SEEKING INFORMATION: The attorneys general of New York and Connecticut have issued subpoenas to seven banks over the possible manipulation of a global interest rate, a person with knowledge of the matter told The Associated Press.
BARCLAYS FINE: American and British regulators have already fined Barclays, based in Britain, $453 million for submitting false information between 2005 and 2009 to keep the interest rate, known as LIBOR, low.
WHY IT MATTERS: LIBOR, short for London interbank offered rate, is used to set the interest rates on trillions of dollars in contracts around the world, including mortgages, credit cards and municipal bonds.
